Brent Thielman: And then, Greg, this 1 might be for you. I apologize if you mentioned this in the script, but the first quarter cash flow was unseasonably good, really good. And just curious, do we see that — do we see the typical pattern through the rest of the year? Or is this going to be less than a typical year for cash flow?
Greg Hoffman: No, I think that — yes, it was a good first quarter. First of all, margins helped, right, year-over-year, certainly have more to end in revenue going up quarter-over-quarter. Both created great cash flow opportunities just to turn that revenue into cash. I think in terms of the rest of the year, we’re going to see more traditional going back to what we have experienced from a cash flow perspective over the years. Obviously, the last couple of years were strange and different, but I expect you to go back to more normal cash flow for 2024.
Operator: Our next question comes from Brian Russo with Sidoti. Please proceed with your question.
Brian Russo: Just to follow up on the DOT letting activity. I mean how would you compare it to last year — is it accelerating or — because the DOTs are anxious to get the IIJA matching funds? Or is it just more turnkey based on their state programs? Just curious.
Jule Smith: Yes. Brian, I think both of those are right. I think that the IIJA funds come through the normal programs that the federal government gives the money to the states in the federal fiscal year. And so the states have to spend that money or commit it. And so I think it’s very similar to last year in what the states are doing. But I also think the states are — they have their own funds. As we talked about previously, Florida, Tennessee, South Carolina, North Carolina and now Georgia recently announced they’re using state funds to augment infrastructure funding because they need to keep up with the migration to their states. And so we really see that the DOT’s activity, if anything, it’s more than last year, but certainly very similar.
And so — it’s an active bidding environment. And I think that we — the IIJA, we still are just really in the early innings, maybe the third or fourth inning of this money getting to the projects and being spent. And so we’ve still got a long way to go with that.
Brian Russo: And then just on the backlog, obviously, another strong quarter despite the seasonality of the business. I mean, how would you characterize the projects on the public side and then maybe the private side. I mean is it still similar size and duration on the public side? And then is there is a heavier concentration in manufacturing or industrial on the commercial side?
Greg Hoffman: Yes, Brian, I think an analysis of our backlog, obviously, dictates kind of what we say going to do in terms of the mix of revenue going forward. I think Jule said a minute ago, 63-37 is kind of what we expect public to private. And that’s pretty normal, it is what it was last year. So I think the makeup is very similar. And then in terms of duration of project, size of project is also very similar. We track that and want to understand that because we’ve talked before, there — that there’s a sweet spot that we’re trying to achieve, and it has not changed.
Operator: We have no further questions at this time. I would like to turn the floor back over to management for comments.
Jule Smith: Yes, we’d just like to thank everyone for joining us this morning. We look forward to speaking with you again next quarter.
Operator: Ladies and gentlemen, this concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.
